In order to rectify credit organizations, it is imperative to take the right remedial measure, no matter how stern it might be, economic expert Nguyen Tri Hieu said in a meeting with The Saigon Times. The views expressed in this article are his own. At a consultation conference on the draft amendments to the Law on Credit Organizations convened by the National Assembly’s Economic Committee in early October, I presented frank comments on ways to deal with banks put under special control, including four banks taken over by the State Bank of Vietnam (SBV) at zero dong. Ten years after being put under special surveillance, these four banks still struggle in terms of financial and operational capacities, and their survival is largely attributed to the assistance of other major banks designated as the backers. There is almost no information disclosure from these four banks regarding total assets, liabilities, equities, deposits, outstanding loans and bad debts. However, the State Audit of Vietnam in a report sent to the National Assembly’s sixth sitting in October 2023 remarked that these banks were mired in financial difficulty with some facing huge risks. And lately, a new name has been added to the list of […]